QUOTES-Reactions to a Landmark Global Business Tax Agreement

Reactions were swift to a 136-country deal announced by the Organization for Economic Co-operation and Development on Friday setting a minimum overall tax rate for large businesses of 15% and making it more difficult for them to escape the tax. tax. US PRESIDENT JOE BIDEN “For decades, American workers and taxpayers have paid the price for a tax system that has rewarded multinational corporations for sending jobs and profits overseas. This race to the bottom has not only hurt American workers, it has put many of our allies at such a competitive disadvantage. “

UK FINANCE MINISTER RISHI SUNAK “We now have a clear path to a fairer tax system, where the big global players pay their fair share wherever they do business. “NICK CLEGG, FACEBOOK VICE PRESIDENT OF GLOBAL AFFAIRS” Facebook has long called for reform of global tax rules, and we recognize that this could mean paying more taxes, and in different places. The tax system must build public confidence, while providing security and stability for businesses. We are delighted to see the emergence of an international consensus. SUSANA RUIZ DIRECTOR OF TAX POLICY, OXFAM “Today’s tax deal was about ending tax havens for good. Instead, it was written by them … To call this agreement “historic” is hypocritical and does not stand up to scrutiny. the devil is in the details, including a complex web of exemptions that could get big violators like Amazon off the hook. At the last minute, a colossal 10-year grace period was applied to the 15 percent global corporate tax, and additional loopholes leave him with virtually no teeth. “

FRENCH MINISTER OF FINANCE BRUNO LE MAYOR “This agreement paves the way for a real tax revolution.” JANET YELLEN, US TREASURY SECRETARY “We have turned tireless negotiations into decades of increased prosperity, both for America and for the world. Today’s agreement represents a unique achievement in economic diplomacy. DECLARATION BY THE SWISS MINISTRY OF FINANCE “The objective is to create legal certainty for the companies concerned. Switzerland – like other countries – criticizes the OECD timetable, because it does not yet sufficiently respect national legislative processes. It will not be possible for Switzerland to introduce the new rules by 2023, as envisaged by the OECD. PRESIDENT OF THE EUROPEAN COMMISSION URSULA VON DER LEYEN “I look forward to the G20 summit at the end of the month, where we will finalize the details of this agreement. Then we have to implement it … At the same time, we will continue to crack down on tax evasion and tax evasion because we have to make sure that everyone pays their taxes fairly. We owe it to our citizens. “

PASCHAL DONOHOE, IRISH MINISTER OF FINANCE “This landmark deal will address the global fiscal challenges of digitization and provide the certainty and stability that big business and governments need … I have no doubts that Ireland will provide an attractive home for long-term multinational companies. ” MATHIAS CORMANN, SECRETARY-GENERAL OF THE OECD “Today’s agreement will make our international tax agreements fairer and more effective … It is a great victory for effective and balanced multilateralism. (Compiled by Mark John and Howard Goller)

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